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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
 KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled to collect the goods and the carrier cannot refuse to deliver the goods to that person. If someone claiming to be the receiver cannot produce the bill, what evidence is there that they are entitled to the goods?
There are innumerable circumstances which may lead to a request to release cargo without the production of the original bill(s). A sale contract may have collapsed and the seller may want to sell to someone else. The consignee may be facing cash flow issues or have a financial dispute with the shipper. In extreme circumstances, the supposed receiver’s intention may be to steal the cargo and the sale proceeds, while the seller or the bank still retains the original documents.
As the original bills represent surety for the purchase price, if the carrier hands the goods over to an unauthorised party who does not hold the original, he is effectively denying the legitimate holder the security the original bills represent, by virtue of preventing that entity from themselves surrendering the bill and collecting the goods from the carrier.
Action steps
If the receiving agent asks for authority to release the cargo to a consignee who cannot present an original bill of lading, it is recommended that you consult your legal or insurance advisors in order to obtain the correct indemnity before entertaining any such request. A sound indemnity must include at least:
- Backing by a first class bank, insurance company or mutual association;
- Adequate undertaking value (usually not less than 200% of the CIF value of goods);
- Indemnity for all claims and costs in association with issuing a duplicate bill;
- Validity for at least as long as the minimum period for legal actions under contract in the relevant jurisdictions (not just the time-bar period stated in the conditions of carriage);
- An effective law and jurisdiction clause to enforce the indemnity.
- There are also some further practical comments to make and matters to be considered.
As discussed in the article on lost documents, it is always prudent to check with the exporter/shipper (where known) that payment has been made and that it is therefore in order to release the goods from that perspective.
Under no circumstances accept a ‘guarantee’ signed by the importer alone; it is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity.
“It is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity”
Implement explicit and adequate training for staff, together with a full escalation process whereby only a designated senior member of staff has the authority to approve requests for irregular releases.
Naturally, ensure you collect any charges due to you or others (freight, duty/ tax, shippers’ disbursements, demurrage etc.) before releasing goods. Conversely, do not let any debate or argument about such costs blind you to the absence of the bill of lading.
Do not succumb to any commercial pressure to release goods without the appropriate documents. Under no circumstances accept faxed or photocopied bills of lading or guarantees. Only act upon receipt of original documents.
Source: TT Club
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Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Bhatia International Limited - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Australian Coal Association
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
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